Vanguard, which once opposed Crypto Assets, now offers a Bitcoin ETF.

Source: PortaldoBitcoin Original Title: Vanguard, which was against cryptocurrencies, now offers Bitcoin ETFs Original Link: https://portaldobitcoin.uol.com.br/vanguard-que-era-contra-criptomoedas-agora-oferece-etfs-de-bitcoin/ Vanguard is opening its brokerage platform to cryptocurrency-focused ETFs and mutual funds, abandoning a stance that kept digital asset products off its platform for years.

Starting this Tuesday (2), the company will allow trading of funds that hold Bitcoin, Ethereum, XRP, and Solana, placing exposure to cryptocurrencies on the same level as other assets it already offers, such as gold, according to information from Bloomberg.

The change gives more than 50 million clients of the brokerage access to regulated cryptocurrency financial instruments across the entire U.S. fund sector.

The change comes after months of internal analysis and takes place at a time when customer interest in digital assets has persisted despite the sharp market downturn.

Vanguard's Change of Opinion

11 Bitcoin ETFs launched in early 2024 attracted significant capital inflows, raising their combined assets to around $25 billion in the first month. Vanguard's refusal to offer access left the company on the sidelines as these assets grew to approximately $125 billion in less than two years.

The BlackRock iShares Bitcoin Trust, the largest in the group, now holds about $70 billion, down from a peak of nearly $99.5 billion.

Although cryptocurrencies represent one of the smallest fractions of the $13.5 trillion in global assets under management by BlackRock, Vanguard — the second largest asset manager in the world — manages approximately $11 trillion.

In July 2024, veteran index manager Salim Ramji took over as CEO of Vanguard.

Unlike his predecessor, Tim Buckley, and the company in general, Ramji is a public advocate for both Bitcoin and blockchain technology.

According to analysts, this was the “first time in history” that Vanguard hired someone from outside for the highest position. Ramji worked for Vanguard's biggest competitor, BlackRock, where he headed the index investment area. It is worth noting that Ramji oversaw the registration process and the logistics of the IBIT.